Ligand Pharmaceuticals Incorporated
NASDAQ: LGND · HEALTHCARE · BIOTECHNOLOGY
Updated 2026-06-05
Ligand Pharmaceuticals Incorporated (LGND) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2006 | $140.96M | $-31.74M | 83.94% | -119.73% | -22.52% |
| 2007 | $12.89M | $281.69M | 100.00% | -466.69% | 2,184.64% |
| 2008 | $27.32M | $-98.11M | 100.00% | -356.13% | -359.19% |
| 2009 | $38.94M | $-1.95M | 60.88% | -25.60% | -5.00% |
| 2010 | $23.54M | $-12.52M | 100.00% | -124.50% | -53.17% |
| 2011 | $30.04M | $10.18M | 83.66% | -2.32% | 33.88% |
| 2012 | $31.39M | $-527000.00 | 88.53% | 1.83% | -1.68% |
| 2013 | $48.97M | $11.42M | 88.29% | 30.51% | 23.32% |
| 2014 | $64.54M | $12.02M | 85.84% | 30.41% | 18.63% |
| 2015 | $71.91M | $257.31M | 91.93% | 38.00% | 357.80% |
| 2016 | $108.97M | $-1.64M | 94.89% | 40.27% | -1.50% |
| 2017 | $141.10M | $12.56M | 96.20% | 48.25% | 8.90% |
| 2018 | $251.45M | $143.32M | 97.48% | 65.11% | 57.00% |
| 2019 | $120.28M | $629.30M | 90.57% | 670.99% | 523.19% |
| 2020 | $163.56M | $-2.98M | 81.40% | 22.93% | -1.82% |
| 2021 | $241.54M | $57.14M | 74.26% | 42.99% | 23.66% |
| 2022 | $196.25M | $-33.36M | 73.08% | 1.55% | -17.00% |
| 2023 | $131.31M | $52.15M | 73.31% | 9.09% | 39.72% |
| 2024 | $167.13M | $-4.03M | 93.37% | -13.53% | -2.41% |
| 2025 | $268.09M | $124.45M | 97.54% | 17.61% | 46.42% |
Frequently asked questions
What is Ligand Pharmaceuticals Incorporated's revenue?
Ligand Pharmaceuticals Incorporated's trailing twelve-month revenue is $274.48M, and consensus projects about $820.00M by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is LGND?
In its most recent fiscal year, LGND ran a gross margin of 97.54%, an operating margin of 17.61%, and a net margin of 46.42%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does LGND generate?
LGND produced $48.91M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is LGND's balance sheet healthy?
LGND holds $174.93M in cash and equivalents against $446.19M in long-term debt, on $1.02B of shareholder equity. That debt is best read against the cash flow the business throws off each year.